TIPC vs. CPII

Last updated Jul 4, 2026

TIPC (Northern Trust 2045 Inflation-Linked Distributing Ladder ETF) and CPII (Ionic Inflation Protection ETF) are both Inflation-Protected Bonds funds. Both are actively managed. At a correlation of -0.11, they often move in opposite directions. TIPC charges 0.10%/yr vs 0.74%/yr for CPII.

Performance

TIPC vs. CPII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2045 Inflation-Linked Distributing Ladder ETF (TIPC) and Ionic Inflation Protection ETF (CPII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIPC achieves a 0.93% return, which is significantly lower than CPII's 2.98% return.

TIPC

• 1D: 0.03%
• 1M: -0.45%
• 6M: 1.01%
• YTD: 0.93%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPII

• 1D: 0.03%
• 1M: -1.24%
• 6M: 3.06%
• YTD: 2.98%
• 1Y: 3.35%
• 3Y*: 4.40%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TIPC vs. CPII - Yearly Performance Comparison

	2026 (YTD)	2025
TIPC Northern Trust 2045 Inflation-Linked Distributing Ladder ETF	0.93%	1.30%
CPII Ionic Inflation Protection ETF	2.98%	-0.36%

Correlation

The correlation between TIPC and CPII is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025	-0.11

Return for Risk

TIPC vs. CPII — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TIPC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CPII

CPII Risk / Return Rank: 34
CPII Sharpe Ratio Rank: 34
CPII Sortino Ratio Rank: 32
CPII Omega Ratio Rank: 34
CPII Calmar Ratio Rank: 38
CPII Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TIPC vs. CPII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2045 Inflation-Linked Distributing Ladder ETF (TIPC) and Ionic Inflation Protection ETF (CPII). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TIPC	CPII	Difference
Sharpe ratio: Return per unit of total volatility	—	1.05	—
Sortino ratio: Return per unit of downside risk	—	1.54	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.65	—
Martin ratio: Return relative to average drawdown	—	4.41	—

Drawdowns

TIPC vs. CPII - Drawdown Comparison

The maximum TIPC drawdown since its inception was -2.95%, smaller than the maximum CPII drawdown of -6.40%. Use the drawdown chart below to compare losses from any high point for TIPC and CPII.

Drawdown Indicators

	TIPC	CPII	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-6.40%	+3.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.13%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.39%	—
Current Drawdown Current decline from peak	-1.26%	-1.64%	+0.38%
Average Drawdown Average peak-to-trough decline	-0.99%	-1.62%	+0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.80%	—

Volatility

Volatility by Period

	TIPC	CPII	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.84%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.68%	3.35%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.68%	5.88%	-1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	5.88%	-1.20%

TIPC vs. CPII - Expense Ratio Comparison

TIPC has a 0.10% expense ratio, which is lower than CPII's 0.74% expense ratio.

Dividends

TIPC vs. CPII - Dividend Comparison

TIPC's dividend yield for the trailing twelve months is around 4.94%, more than CPII's 4.65% yield.

Position	TTM	2025	2024	2023	2022
CPII Ionic Inflation Protection ETF	4.65%	4.20%	5.47%	5.86%	2.21%
TIPC Northern Trust 2045 Inflation-Linked Distributing Ladder ETF	4.94%	1.20%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TIPC and CPII in my portfolio?

TIPC and CPII have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TIPC or CPII?

On fees, TIPC is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TIPC or CPII?

TIPC is cheaper with a 0.10% expense ratio, compared with 0.74% for CPII.

Which ETF pays a higher dividend yield, TIPC or CPII?

TIPC has the higher dividend yield at 4.94%, compared with 4.65% for CPII.

What is the main difference between TIPC and CPII?

They also come from different issuers: Northern Trust and Ionic. Their fees differ too: 0.10% for TIPC and 0.74% for CPII.